In the financial year 2015-16, L&T Infotech's revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.

L&T Infotech is the sixth largest Indian IT services player with a revenue of USD 887 million and an employee base of over 20,000.

The company, part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies that have come out with their IPOs so far this year.

Meanwhile, the Sensex ended the day with a loss of 205.37 points at 27,710.52. Toubro Infotech on Thursday made a poor debut on NSE by listing at Rs 667, down 6.06 per cent over its issue price of Rs 710 per piece.

At 10.01 am, the stock was trading at Rs 694, down 2.25 per cent.

The grey market premium for the sixth largest IT player had fallen substantially below on Rs 100 on Wednesday from last week's quoted price of Rs 120.84, the ET had reported on Wednesday. The weak listing for the IT firm came in as a surprise to many.

The IPO which ran between July 11 and July 14 had received 11.69 times subscription.

L&T Infotech had attracted over 10 lakh applications, one of the highest among recent IPOs, from retail investors. But the recent set of poor earnings and revenue guidance by top IT companies, the recent being Wipro, hurt the sentiment on the IT counter as a whole.

“We have had a positive view. We gave a subscribe rating at the time of IPO,” said Daljeet Singh Kohli, Head of Research, IndiaNivesh, who was expecting a listing upside of around Rs 100 on the counter.

“You can book profits on Thursday and then re-enter over a period of time because at the time of listing there is a bit of hype and stocks do move ahead of their fundamentals and then they are available to you at a reasonable valuation. But we are convinced with the business model and we have a positive view on the stock,” Kohli told ET Now.

The company has reported a topline growth at a compounded annual growth rate (CAGR) of 13.5 per cent to Rs 58,47 crore in FY16 from Rs 4,535 crore in FY14. Net profit for the corresponding period grew 18.2 per cent annually to Rs 923.30 crore from Rs 659.84 crore in FY14. Dollar revenue rose at a CAGR of 9 per cent to $887.2 million in FY16 from $746.6 in FY14.

Reliance Securities expects Mindtree to continue to command a growth premium over L&T Infotech due to substantial digital exposure and industry-beating revenue growth. But it expects L&T Infotech’s PE discount to Mindtree should stay nearly 10 per cent even on inferior growth, thanks to its revenue size, high return ratios and parentage.